FX Market: Naira Opens Week With Decline 

The Nigerian naira opened the week on a negative note, recording depreciation against the United States Dollar at the official foreign exchange market on Monday, 18 August.

The naira traded N1,533.67 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Monday. This means the naira lost N1.16 against the dollar when compared with N1,532.51 recorded on Friday, 15 August.

However, the local currency traded at N1,550 per dollar at the parallel (black) market on Monday, reflecting a N10 gain from N1,560 previously.

The naira had, after recording two consecutive declines (Monday and Tuesday) last week, fallen to N1,537.09. It rebounded slightly to N1,534.82 on Wednesday, remained relatively stable at N1,534.52 on Thursday, before falling again to N1,532.51 per dollar on Friday.

The CBN data showed that the naira traded between a high of N1,535 and a low of N1,532 per dollar on Monday.

Victor Ezeja

Correspondent at Prime Business Africa |  + postsBio

Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.

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